Ladies, Use These Tips to Give Your Financial Confidence a Boost
I recently came across an article titled, “Warren Buffet invests like a girl.” As a female financial advisor, I wasn’t sure if that was a compliment or jab.
Reading deeper into the article- they explain women, like men bring some gender-linked qualities to investing that can actually help. Women tend to do their research, invest calmly, and exercise patience. These are all great attributes to sticking to a long term plan.
The other unique aspect about women investors is what drives our financial decisions. In my experience, our long term goals tend to be more focused on others: whether that’s family, charitable giving, or even volunteering. As such, our priorities tend to be less about earning an extra one percent, and more about creating a cohesive plan that empowers and protects those we care about.
The world has changed- many women are trying to do it all- care for parents and children, earn money, be a great wife- It creates an amount of pressure women didn’t face 40 or 50 years ago. At the same time we’re earning more money, establishing long-term careers, and taking advantage of unique opportunities. All of this points toward an increased need to embrace our personal finances and create a meaningful plan for them. Let’s face it- it’s likely most of us, 9 out of 10 to be exact, will be the “sole financial decision maker” because of death or divorce at some point in our lives.
So if you feel a bit lost with your finances, how do you give your financial confidence a boost?
- Read a book – I highly recommend “Values based financial planning” written by Bill Bachrach. It’s a book about aligning your personal finances with your most deeply held values.
- Attend a seminar – If you like safety in numbers- these are not in short supply. Find one that interests you and go. Many times these are free to attend.
- Get guidance from work place programs – Make sure you’re taking advantage of programs through work. Understand your benefit package and make sure you’re taking advantage of everything your employer offers to help protect and grow the family nest egg.
- Work with an advisor – Above all, hire a professional- don’t go it alone. There are so many facets to your financial life- make sure you have a trusted advisor to help keep you on track. Don’t know who to use- ask a friend or another trusted professional for a referral. Before hiring an advisor make sure they have a clean record by using BrokerCheck on FINRA.org.